Limit tax liabilities and penalties transcript

Back to the Benefits of working with a financial advisor page

Video Transcript

Get your paperwork in order. To help with that, you can check out our tax filing checklist for list of common documents and information you may need to complete your tax return, which is also linked to the resources icon. And given the expiration of so many tax breaks, you may want to plan for a larger tax bill or smaller refund this year, and reserve some extra cash to meet your potential tax liabilities.

Your financial advisor can help you better understand these changes and how they may affect your current situation and your long-term financial goals. They can help you determine if any adjustments need to be made to your strategy, whether because of the rule changes, or simply based on how you're progressing toward your goals to ensure you're on track toward retirement security. In addition, since many of these changes take effect over the next several years, it will be important to partner with your financial advisor to periodically review your situation over time.

As with any decision involving taxes, though, you also want to consult with your tax professional on considerations and impacts to your specific tax situation, as your financial advisor cannot provide tax advice.